South Yorkshire Ducting Supplies Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 02671387 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

SOUTH YORKSHIRE DUCTING SUPPLIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J Reynolds

REGISTERED OFFICE:

80 Burton Road

Sheffield

South Yorkshire

S3 8BX

REGISTERED NUMBER:

02671387 (England and Wales)

ACCOUNTANTS:

S Burgess & Co Ltd

11 Slayleigh Avenue

Sheffield

South Yorkshire

S10 3RA

FIXED ASSETS

Intangible assets

4

1,500

-

Tangible assets

5

162,775

158,993

164,275

158,993

CURRENT ASSETS

Stocks

418,515

434,792

Debtors

6

513,947

462,736

Cash at bank and in hand

37,679

78,547

970,141

976,075

CREDITORS

Amounts falling due within one year

7

770,852

612,086

NET CURRENT ASSETS

199,289

363,989

TOTAL ASSETS LESS CURRENT
LIABILITIES

363,564

522,982

CREDITORS

Amounts falling due after more than one
year

8

(21,109

)

(52,880

)

PROVISIONS FOR LIABILITIES

10

(40,700

)

(38,831

)

PENSION LIABILITY

12

-

(133,000

)

NET ASSETS

301,755

298,271

CAPITAL AND RESERVES

Called up share capital

2

Fair value reserve

11

-

43,000

Retained earnings

301,753

255,269

SHAREHOLDER FUNDS

301,755

298,271

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 7 August 2025 and were signed by:

J Reynolds - Director

1.	STATUTORY INFORMATION

South Yorkshire Ducting Supplies Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover comprises the invoiced value of the supply of coiled ductwork and ancillary products, excluding valued added tax. Turnover is recognised on delivery to the customer.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of four years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks, which comprise coiled ductwork, steel coil, and ancillary products, are valued at purchase cost. Cost is calculated using the first in, first out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates both a defined contribution pension scheme, and a defined benefit pension scheme.

Contributions payable to the company's defined contribution pension scheme are charged to profit or loss in the period to which they relate

For the defined benefit pension scheme, the liability recorded in the balance sheet is the present value of the defined obligation at that date. The defined benefit obligation is calculated on an annual basis by independent actuaries. Actuarial gains and losses are recognised in full in the period in which they occur and are shown in Other Comprehensive Income. Current and past service costs, along with settlements or curtailments, are charged to the Income statement. Interest on pension plan liabilities are recognised within finance expenses.

Debtors and creditors due within one year

Debtors and creditors with no stated interest rate, which are due within one year, are stated at the transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income within administrative expenses.

Impairment

At each balance sheet date, assets are reviewed to determine whether there is any indication that any of the individual assets have suffered an impairment. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the statement of comprehensive income.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation, taking into account the risks and uncertainties surrounding the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2023 - 22 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

2,000

At 31 December 2024

2,000

AMORTISATION

Charge for year

500

At 31 December 2024

500

NET BOOK VALUE

At 31 December 2024

1,500

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

COST

At 1 January 2024

399,398

38,254

67,070

30,363

535,085

Additions

43,406

1,317

1,000

-

45,723

Disposals

-

(1,000

)

-

(1,000

)

At 31 December 2024

442,804

39,571

67,070

30,363

579,808

DEPRECIATION

At 1 January 2024

295,038

20,925

35,428

24,701

376,092

Charge for year

28,830

2,785

7,910

1,416

40,941

At 31 December 2024

323,868

23,710

43,338

26,117

417,033

NET BOOK VALUE

At 31 December 2024

118,936

15,861

23,732

4,246

162,775

At 31 December 2023

104,360

17,329

31,642

5,662

158,993

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade debtors

483,854

407,029

Other debtors

2,000

2,409

Directors' current accounts

27,250

53,298

Prepayments

843

-

513,947

462,736

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Bank loans and overdrafts

10,383

10,128

Hire purchase contracts (see note 9)

21,388

34,312

Trade creditors

246,429

202,125

Corporation tax

122,289

68,577

Social security and other taxes

18,716

1,573

VAT

65,536

57,100

Other creditors

8,663

4,571

RBS invoice discounting

249,940

215,505

Accruals & deferred income

27,508

18,195

770,852

612,086

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

31.12.24

31.12.23

£

Bank loans

5,287

15,670

Hire purchase contracts (see note 9)

15,822

37,210

21,109

52,880

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.24

31.12.23

£

Net obligations repayable:

Within one year

21,388

34,312

Between one and five years

15,822

37,210

71,522

Non-cancellable

operating leases

31.12.24

31.12.23

£

Within one year

50,830

10.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

Deferred tax

40,700

38,831

Deferred

tax

£

Balance at 1 January 2024

38,831

Accelerated capital allowances

1,869

Balance at 31 December 2024

40,700

11.

RESERVES

Fair

value

reserve

£

At 1 January 2024

43,000

Removal of pension obligations

actuarial valuation

(43,000

)

At 31 December 2024

-

12.	EMPLOYEE BENEFIT OBLIGATIONS

Towards the end of the year, the company reached an agreement with HMRC that there were no defined benefit pension scheme obligations in respect of key employees. As a result of reaching this agreement, all defined benefit pension scheme obligations have been removed from the financial statements.

The amounts recognised in the balance sheet are as follows:

Defined benefit

pension plans

31.12.24

31.12.23

£

Present value of funded obligations

-

Fair value of plan assets

-

Present value of unfunded obligations

-

(133,000

)

Deficit

-

(133,000

)

Net liability

-

(133,000

)

The amounts recognised in profit or loss are as follows:

Defined benefit

pension plans

31.12.24

31.12.23

£

Current service cost

-

Net interest from net defined benefit
asset/liability

(26,000

)

6,000

Past service cost

-

(26,000

)

6,000

Actual return on plan assets

-

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit

pension plans

31.12.24

31.12.23

£

Opening defined benefit obligation

133,000

123,000

Interest cost

(26,000

)

6,000

Removal of defined benefit

pension obligations

(150,000

)

-

Actuarial losses/(gains)

43,000

4,000

-

133,000

Changes in the fair value of scheme assets are as follows:

Defined benefit

pension plans

31.12.24

31.12.23

£

-

The amounts recognised in other comprehensive income are as follows:

Defined benefit

pension plans

31.12.24

31.12.23

£

Actuarial (losses)/gains

(43,000

)

(4,000

)

(43,000

)

(4,000

)

The major categories of scheme assets as amounts of total scheme assets are as follows:

31.12.24

31.12.23

£

-

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

31.12.24

31.12.23

Discount rate

-

4.50%

Inflation RPI

-

3.10%

Inflation CPI

-

2.30%

Pre and post retirement mortality - S3PMA tables with improvements in the CMI 2022 model and a long term rate of improvement of 1%.

13.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the beginning of the year, the director's current account of J Reynolds was overdrawn in the sum of £53,298. The sum was repaid to the company via dividends declared on both 5 April 2024 and on 6 April 2024. The maximum amount owing in the year to the company was £53,298. No interest has been charged by the company on the figure of £53,298.

During the year, three new loans were provided to the director, J Reynolds. The loans were £11,413 on 30 June 2024, £5,837 on 30 September 2024 and £10,000 on 30 November 2024. All the loans remained outstanding at 31 December 2024. The maximum amount owing to the company in the year was the aggregate of these loans at £27,250. The loans were repaid to the company via dividend declarations in April 2025. No interest has been charged by the company on the three loans totalling £27,250.